The HUD Multifamily Transformation for Tomorrow is a two-and-a-half to three year transition process of consolidating HUDs diversely sized eighty field offices into a streamlined model of five HUBs with Satellite offices to support the HUB’s. The new HUB’s are located in New York (Northeast Region), Atlanta (Southeast Region), Chicago (Midwest Region), Fort Worth (Southwest Region), and San Francisco (West Region) while the Satellite offices are to be located in Boston, Baltimore, Jacksonville, Detroit, Minneapolis, Kansas City, and Denver.
The goals of this model for HUD is streamlining the organizational model, producing better functionality out of their workload sharing model, employing a single underwriter model and risk based processing model for production, and employing the account executive model in asset management. HUD believes this transformation will help them improve efficiency both in their processing timing and reducing their cost by downsizing their geographical footprint of brick and mortar field offices.
At this time we are about a year and a half into the transformation process and currently the transformation and training processes are complete for the Southwest and the Midwest regions. The process is well underway currently in the Southeast Region. The Southeast Region is projected to be completed in mid-October of 2015. That leaves the Northeast and the Western regions to be completed in 2016 as the final two waves. The Northeast is to begin the process in late 2015 and should finish sometime in the second quarter of 2016. The Western Region will begin its process mid-year 2016 and hopefully finish prior to the end of 2016.
As a heavy user of the FHA programs, PR Mortgage & Investments can report that for offices that have already gone through the transformation and training processes, we are already seeing improvements in processing which translates directly to quicker response time and quicker issuance of commitments.